STOCK-BASED COMPENSATION PLANS (Tables)
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12 Months Ended |
Dec. 31, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011: | | | | | | | | | 2013 | | 2012 | | 2011 | Risk-free interest rate | | | 1.10% | | | | 0.51 | % | | | 0.66 | % | Expected dividend yield | | | 2.53% | | | | 2.89 | % | | | 2.65 | % | Expected term | | | 4.3 years | | | | 4.3 years | | | | 4.3 years | | Expected volatility | | | 16.2% | | | | 26.4 | % | | | 29.6 | % | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
The following tables summarize stock option activity under the Company’s plans: Stock Options | | | | | | | | | | | | | | | Years ended December 31, | | | 2013 | | 2012 | | 2011 | Stock Options | | Shares | | Weighted Average Exercise Price | | Shares | | Weighted Average Exercise Price | | Shares | | Weighted Average Exercise Price | Outstanding at beginning of year | | | 1,265,792 | | | $ | 22.76 | | | | 1,307,488 | | | $ | 21.76 | | | | 1,269,426 | | | $ | 20.25 | | Granted | | | 333,300 | | | | 28.50 | | | | 253,400 | | | | 23.53 | | | | 235,700 | | | | 24.21 | | Exercised | | | (219,526) | | | | 17.91 | | | | (174,646 | ) | | | 13.17 | | | | (122,463 | ) | | | 8.95 | | Forfeited or expired | | | (118,700) | | | | 30.30 | | | | (120,450 | ) | | | 27.37 | | | | (75,175 | ) | | | 24.93 | | Outstanding at end of year | | | 1,260,866 | | | $ | 24.41 | | | | 1,265,792 | | | $ | 22.76 | | | | 1,307,488 | | | $ | 21.76 | | Exercisable at end of year | | | 581,081 | | | $ | 22.39 | | | | 706,863 | | | $ | 21.89 | | | | 821,510 | | | $ | 20.16 | | Weighted average fair market value of options granted | | $ | 2.77 | | | | | | | $ | 3.68 | | | | | | | $ | 4.51 | | | | | | | | | | | | | Weighted Average Remaining Contractual Life (in Years) | | Aggregate Intrinsic Value | Outstanding December 31, 2013 | | | 3.7 | | | $ | 6,330,000 | | Exercisable December 31, 2013 | | | 2.2 | | | $ | 4,092,000 | | |
Schedule of Nonvested Share Activity [Table Text Block] |
The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options | | | | | | | Non-vested Stock Options | | Number of Options | | Weighted Average Exercise Price | | Weighted Average Fair Value | Non-vested December 31, 2010 | | | 421,226 | | | $ | 25.16 | | | $ | 4.94 | | Granted | | | 235,700 | | | | 24.21 | | | | 4.51 | | Vested | | | (145,298 | ) | | | 25.86 | | | | 5.05 | | Forfeited | | | (25,650 | ) | | | 25.62 | | | | 4.91 | | Non-vested December 31, 2011 | | | 485,978 | | | $ | 24.46 | | | $ | 4.70 | | Granted | | | 253,400 | | | | 23.53 | | | | 3.68 | | Vested | | | (173,824 | ) | | | 25.05 | | | | 4.73 | | Forfeited | | | (6,625 | ) | | | 24.26 | | | | 4.60 | | Non-vested December 31, 2012 | | | 558,929 | | | $ | 23.86 | | | $ | 4.23 | | Granted | | | 333,300 | | | | 28.50 | | | | 2.77 | | Vested | | | (207,044 | ) | | | 23.83 | | | | 4.42 | | Forfeited | | | (5,400 | ) | | | 23.95 | | | | 4.28 | | Non-vested December 31, 2013 | | | 679,785 | | | $ | 26.14 | | | $ | 3.46 | | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] |
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013: | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | Range of Exercise Prices | | Number of Options Outstanding | | Weighted Average Remaining Contractual Life (in Years) | | Weighted Average Exercise Price | | Number of Options Exercisable | | Weighted Average Exercise Price | $15.46 to $18.03 | | | 135,966 | | | | 1.20 | | | $ | 17.71 | | | | 135,966 | | | $ | 17.71 | | $23.09 to $23.53 | | | 400,775 | | | | 3.41 | | | | 23.36 | | | | 212,068 | | | | 23.22 | | $24.21 to $28.50 | | | 724,125 | | | | 4.37 | | | | 26.25 | | | | 233,047 | | | | 24.36 | | | | | 1,260,866 | | | | 3.72 | | | $ | 24.41 | | | | 581,081 | | | $ | 22.39 | | |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] |
The following table summarizes stock option activity for the years ended December 31: | | | | | | | | | 2013 | | 2012 | | 2011 | | | (Dollars in thousands) | Total intrinsic value of stock options exercised | | $ | 1,506 | | | $ | 1,704 | | | $ | 1,299 | | Cash received from stock option exercises | | $ | 3,932 | | | $ | 2,300 | | | $ | 1,096 | | Income tax benefit from the exercise of stock options | | $ | 588 | | | $ | 664 | | | $ | 507 | | Total fair value of stock options vested | | $ | 915 | | | $ | 821 | | | $ | 733 | | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013: | | | | | Non-vested Restricted Stock | | Shares of Restricted Stock | | Weighted Average Grant Date Fair Value | Non-vested December 31, 2010 | | | 35,448 | | | $ | 24.79 | | Issued | | | 19,300 | | | | 24.21 | | Vested | | | (16,748 | ) | | | 25.91 | | Forfeited | | | | | | | | | Non-vested December 31, 2011 | | | 38,000 | | | $ | 24.47 | | Issued | | | 19,600 | | | | 23.53 | | Vested | | | (15,025 | ) | | | 24.97 | | Forfeited | | | | | | | | | Non-vested December 31, 2012 | | | 42,575 | | | | 23.87 | | Issued | | | 20,400 | | | | 28.50 | | Vested | | | (15,475 | ) | | | 23.85 | | Forfeited | | | | | | | | | Non-vested December 31, 2013 | | | 47,500 | | | $ | 25.86 | | |